First Trust Dorsey Wright DALI Equity ETF (DALI)

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	Fact Sheet
	Summary Prospectus
	Monthly Performance Report

Fund Summary

Investment Objective/Strategy - First Trust Dorsey Wright DALI Equity ETF seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Nasdaq Dorsey Wright DALI Equity™ Index (the "Index"). Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index.

There can be no assurance that the Fund's investment objectives will be achieved.

Index Description According to the Index Provider

The Nasdaq Dorsey Wright DALI Equity™ Index (the “index”) is designed to provide exposure to the asset class that Dorsey, Wright & Associates (DWA) believes may outperform using their Dynamic Asset Level Investing (DALI) process.
To construct the index, DWA evaluates two broad asset classes: Domestic Equity and International Equity.
A roster of investments is established to provide diversified exposure to each asset class and a relative strength calculation is compiled for each member of the roster versus every other member.
After all individual calculations are computed, the number of times a component exhibited stronger relative strength as compared to the components of the other asset class can be determined. The number of these “wins” for the components comprising each asset class are added together to get a composite strength score for the entire asset class.
The asset class with the highest relative strength score is selected for inclusion in the index and the fund’s assets will be allocated among certain ETFs that provide exposure to the asset class, as follows:
- Domestic Equity Securities – 65% Dorsey Wright Focus Five™ Index constituents – equally weighted among five First Trust sector/industry based ETFs exhibiting the greatest relative strength, 35% First Trust U.S. large and small capitalization growth ETFs – equally weighted among two ETFs.
- International Equity Securities – 65% Dorsey Wright International Focus Five™ Index constituents – equally weighted among the five First Trust country/region-based ETFs exhibiting the greatest relative strength, 35% First Trust international ETFs (emerging and developed market country ETFs, excluding the U.S.) – equally weighted among two ETFs.
The relative strength analysis to determine the top asset class is performed bi-weekly.
- The 65% and 35% target model weights for the Domestic Equity and International Equity asset classes described above will be rebalanced quarterly.
- Additionally, rebalancing of the underlying ETF components varies depending on the asset class selected.

Fund Overview

Ticker	DALI
Fund Type	Tactical Equity
Investment Advisor	First Trust Advisors L.P.
Investor Servicing Agent	Bank of New York Mellon Corp
CUSIP	33738R712
ISIN	US33738R7127
Intraday NAV	DALIIV
Fiscal Year-End	12/31
Exchange	Nasdaq
Inception	5/14/2018
Inception Price	$19.93
Inception NAV	$19.93
Rebalance Frequency	Quarterly

Fees And Expenses

Management Fees	0.30%
Acquired Fund Fees and Expenses	0.60%
Total Expense Ratio	0.90%

As of Date 5/1/2025

Current Fund Data (as of 7/2/2025)

Closing NAV¹	$26.55
Closing Market Price²	$26.52
Bid/Ask Midpoint	$26.54
Bid/Ask Discount	0.04%
30-Day Median Bid/Ask Spread (as of 7/1/2025)³	0.23%
Total Net Assets	$111,526,097
Outstanding Shares	4,200,002
Daily Volume	615
Average 30-Day Daily Volume	8,879
Closing Market Price 52-Week High/Low	$27.65 / $21.18
Closing NAV 52-Week High/Low	$27.64 / $21.21
Number of Holdings (excluding cash)	7

Top Holdings (as of 7/1/2025)*

Holding	Percent
First Trust Small Cap Growth AlphaDEX® Fund	18.17%
First Trust Large Cap Growth AlphaDEX® Fund	17.77%
First Trust Dow Jones Internet Index Fund	13.91%
First Trust Industrials/Producer Durables AlphaDEX® Fund	13.04%
First Trust Financials AlphaDEX® Fund	12.92%
First Trust NASDAQ-100 Ex-Technology Sector Index Fund	12.38%
First Trust Utilities AlphaDEX® Fund	11.72%

* Excluding cash. Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 7/3/2025)⁴	$0.0248
30-Day SEC Yield (as of 6/30/2025)⁵	0.58%
12-Month Distribution Rate (as of 6/30/2025)⁶	0.31%
Index Yield (as of 6/30/2025)⁷	0.93%

Bid/Ask Premium/Discount (as of 7/2/2025)

	2024	Q1 2025	Q2 2025	Q3 2025
Days Traded at Premium	121	23	26	1
Days Traded at Discount	131	37	36	1

Hypothetical Growth of $10,000 Since Inception (as of 7/1/2025) *

Tracking Index: Nasdaq Dorsey Wright DALI Equity™ Index

Month End Performance (as of 5/30/2025)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	-1.65%	-1.72%	7.69%	-1.58%	9.16%	N/A	4.38%
After Tax Held	-1.67%	-1.75%	7.59%	-2.08%	8.70%	N/A	4.01%
After Tax Sold	-0.98%	-1.02%	4.55%	-1.41%	7.02%	N/A	3.25%
Market Price	-1.65%	-1.65%	7.78%	-1.52%	9.16%	N/A	4.38%

Index Performance **
Nasdaq Dorsey Wright DALI Equity™ Index	-1.63%	-1.67%	7.93%	-1.18%	9.60%	N/A	4.74%
Bloomberg US Aggregate Bond Index	-0.29%	2.45%	5.46%	1.49%	-0.90%	N/A	1.65%
S&P 500® Index	-0.37%	1.06%	13.52%	14.41%	15.94%	N/A	13.46%

Quarter End Performance (as of 3/31/2025)

	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Fund Inception⁸
Fund Performance *
Net Asset Value (NAV)	-7.38%	-7.38%	-0.48%	-2.66%	8.89%	N/A	3.59%
After Tax Held	-7.40%	-7.40%	-0.57%	-3.16%	8.43%	N/A	3.22%
After Tax Sold	-4.37%	-4.37%	-0.28%	-2.22%	6.81%	N/A	2.63%
Market Price	-7.31%	-7.31%	-0.52%	-2.64%	8.83%	N/A	3.59%

Index Performance **
Nasdaq Dorsey Wright DALI Equity™ Index	-7.39%	-7.39%	-0.29%	-2.27%	9.31%	N/A	3.94%
Bloomberg US Aggregate Bond Index	2.78%	2.78%	4.88%	0.52%	-0.40%	N/A	1.74%
S&P 500® Index	-4.27%	-4.27%	8.25%	9.06%	18.59%	N/A	12.91%

3-Year Statistics (as of 5/30/2025)

	Standard Deviation	Alpha	Beta	Sharpe Ratio	Correlation
DALI	16.41%	-12.76	0.77	-0.28	0.78
S&P 500® Index	16.65%	---	1.00	0.63	1.00

Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.

*Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost.

After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold. After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns do not represent the returns you would receive if you traded shares at other times. Market Price returns are determined by using the midpoint of the national best bid offer price ("NBBO") as of the time that the fund's NAV is calculated. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.

Bloomberg US Aggregate Bond Index - The Index covers the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS, and CMBS.

S&P 500® Index - The Index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance.

Footnotes

¹	The NAV represents the fund's net assets (assets less liabilities) divided by the fund's outstanding shares.
²	Fund shares are purchased and sold on an exchange at their market price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
³	The median bid-ask spread is calculated by identifying the national best bid and national best offer ("NBBO") for the fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
⁴	Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
⁵	The 30-day SEC yield is calculated by dividing the net investment income per share earned during the most recent 30-day period by the maximum offering price per share on the last day of the period and includes the effects of fee waivers and expense reimbursements, if applicable.
⁶	12-Month Distribution Rate is calculated by dividing the sum of the fund's trailing 12-month ordinary distributions paid or declared by the NAV price. Distribution rates may vary.
⁷	Index yield represents the weighted average trailing 12-month dividend of the constituents of the Nasdaq Dorsey Wright DALI Equity(TM) Index.
⁸	Inception Date is 5/14/2018

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

Risk Considerations

You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and Statement of Additional Information for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

A fund composed of a very small number of ETFs involves additional risk, including limited diversification.

Unlike mutual funds, shares of the fund may only be redeemed directly from a fund by authorized participants in very large creation/redemption units. If a fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at a premium or discount to a fund's net asset value and possibly face delisting and the bid/ask spread may widen.

Changes in currency exchange rates and the relative value of non-US currencies may affect the value of a fund's investments and the value of a fund's shares.

Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. For example, changes in governmental fiscal and regulatory policies, disruptions to banking and real estate markets, actual and threatened international armed conflicts and hostilities, and public health crises, among other significant events, could have a material impact on the value of the fund's investments.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Depositary receipts may be less liquid than the underlying shares in their primary trading market and distributions may be subject to a fee. Holders may have limited voting rights, and investment restrictions in certain countries may adversely impact their value.

Investments in emerging market securities are generally considered speculative and involve additional risks relating to political, economic and regulatory conditions.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

A fund may invest in the shares of other ETFs, which involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, a fund's investment performance and risks may be related to the investment performance and risks of the underlying funds.

An index fund will be concentrated in an industry or a group of industries to the extent that the index is so concentrated. A fund with significant exposure to a single asset class, or the securities of issuers within the same country, state, region, industry, or sector may have its value more affected by an adverse economic, business or political development than a broadly diversified fund.

There is no assurance that the index provider or its agents will compile or maintain the index accurately. Losses or costs associated with any index provider errors generally will be borne by a fund and its shareholders.

A fund may own a significant portion of the First Trust ETFs included in a fund. Any such ETF may be removed from the Index if it does not comply with the Index's eligibility requirements. A fund may be forced to sell shares of certain First Trust ETFs at inopportune times or for prices other than at current market values or may elect not to sell such shares on the day that they are removed from the Index, due to market conditions or otherwise. Due to these factors, the variation between a fund's annual return and the return of the Index may increase significantly.

Large capitalization companies may grow at a slower rate than the overall market.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.

A fund faces numerous market trading risks, including the potential lack of an active market for fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of a fund's portfolio securities and a fund's market price.

A "momentum" style of investing emphasizes selecting stocks that have had higher recent price performance compared to other stocks. Momentum can turn quickly and cause significant variation from other types of investments.

An index fund's return may not match the return of the index for a number of reasons including operating expenses, costs of buying and selling securities to reflect changes in the index, and the fact that a fund's portfolio holdings may not exactly replicate the index.

Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, lack of liquidity, lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

A fund that invests in securities included in or representative of an index will hold those securities regardless of investment merit and the fund generally will not take defensive positions in declining markets.

High portfolio turnover may result in higher levels of transaction costs and may generate greater tax liabilities for shareholders.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

Securities of small- and mid-capitalization companies may experience greater price volatility and be less liquid than larger, more established companies.

Trading on an exchange may be halted due to market conditions or other reasons. There can be no assurance that a fund's requirements to maintain the exchange listing will continue to be met or be unchanged.

First Trust Advisors L.P. (FTA) is the adviser to the First Trust fund(s). FTA is an affiliate of First Trust Portfolios L.P., the distributor of the fund(s).

Nasdaq^® and Nasdaq Dorsey Wright DALI Equity™ Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

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Not FDIC Insured • Not Bank Guaranteed • May Lose Value